GBOLABO AFUWAPE
MTN Group has initiated a motion to protect its assets in Nigeria from being seized or used as collateral for its $8.1 billion forex repatriation tussle with the Central Bank of Nigeria (CBN).
MTN Group on Monday stated that it has applied to Nigeria’s High Court to restrain the country’s Central Bank and the Attorney General from taking further action over its assets in the wake of a multibillion-dollar dispute.
Recall that Nigeria’s central bank last month ordered MTN’s Lagos-based unit to hand over $8.1 billion that it said was illegally sent abroad, and the government earlier this month handed MTN with a separate $2 billion tax bill.
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